Assistant Professor of Finance and Business Economics
University of Southern California
Los Angeles, CA, 90089
Tel (Office): (213) 821-9887
Email: miao.zhang@marshall.usc.edu
Curriculum Vitae | Google Scholar Page
Wisdom of the Institutional Crowd: Implications for Anomaly Returns
(with AJ Chen and Gerard Hoberg)
~INSEAD, 14th Annual Hedge Fund Research Conference
The Cost of Regulatory Compliance in the United States
(with Francesco Trebbi)
Talent Retention Risk and Missing Corporate Investment
(with AJ Chen and Zhao Zhang) Coming soon
By constructing a new measure of firms' risk of losing key talent, we show that rising talent retention risk explains 16%-27% of the increased investment-Q gap in the recent decade.
~Labor and Finance Group Meeting 2022
Under the Hood of Routine Share Decline
(with Nir Jaimovich and Nicolas Vincent) Coming soon
Contrary to the notion of creative destruction, we show that entrant establishments consistently have higher share of routine task labor. The declining routine share is entirely driven by incumbent establishments.
The Cross-Section of Investment and Profitability: Implications for Asset Pricing
(with Mete Kilic and Louis Yang)
Journal of Financial Economics, 2022, 145(3), 706-724
~AFA, SFS Cavalcade, Minnesota Junior Conference, ITAM Conference, Midwest Finance Association, ...
Economic Stimulus at the Expense of Routine-Task Jobs
(with Selale Tuzel)
Journal of Finance, 2021, 76(6), 3347-3399
Slides | Appendix | Data | Media (Tommy Talks)
Labor-Technology Substitution: Implications for Asset Pricing
Journal of Finance, 2019, 74(4), 1793-1839
Slides | Appendix | Data | Replication
Trading Up and the Skill Premium
(with Nir Jaimovich, Sergio Rebelo, and Arlene Wong)
NBER Macroeconomics Annual, 2019, 34, 285-316
Slides | NBER Presentation
Local Risk, Local Factors, and Asset Prices
(with Selale Tuzel)
Journal of Finance, 2017, 72(1), 325-370
Slides | Appendix | Data
Suitability Check and Household Investments in Structured Products
(with Eric Chang and Dragon Tang)
Journal of Financial and Quantitative Analysis, 2015, 50(3), 597-622
Appendix
Discussion slides for "Technology-Skill Complementarity and Labor Displacement: Evidence from Linking Two Centuries of Patents with Occupations"
by Kogan, Papanikolaou, Schmidt, and Seegmiller
WFA 2022
Discussion slides for "Surviving The FinTech Disruption"
by Jiang, Tang, Xiao, and Yao
SFS Cavalcade 2022
Discussion slides for "Labor Force Telework Flexibility and Asset Prices: Evidence from the Covid-19 Pandemic"
by Favilukis, Lin, Sharifkhani, and Zhao
AFA 2022
Discussion slides for "Digital Capital and Superstar Firms"
by Tambe, Hitt, Rock, and Brynjolfsson [Video]
ABFR Webinar 2021
